Financial Accounting and Reporting
UndergraduateLTU-ACC2CRE2024
Course information for 2024 intake View information for 2025 course intake
Enrolments for this course are closed, but you may have other options to start studying now. Book a consultation to learn more.
- Study method
- 100% online
- Assessments
- Subject may require attendance
- Entry requirements
- Prior study needed
- Duration
- 12 weeks
- Loan available
- HECS-HELP and FEE-HELP available
Financial Accounting and Reporting
About this subject
On successful completion you will be able to:
- Explain the national and international environment of financial reporting including the current conceptual framework, regulatory and legal frameworks.
- Apply International Financial Reporting Standards (IFRS) and equivalent Australian Accounting Standards Board (AASB) standards to transactions and other events, and evaluate the appropriate to prepare financial statements.
- Use relevant accounting tools to prepare consolidated financial statements in accordance with IFRS and equivalent AASB standards
- Interpret financial and non-financial information, including corporate sustainability reporting, and communicate professionally to various stakeholders.
- An overview of the Australian financial reporting environment and the conceptual framework
- Preparation of financial statements I - statement of comprehensive income, statement of changes in equity & statement of financial position. Revenue from contract with customers- Part A. Corporate social responsibility disclosure
- Preparation of financial statements II – accounting policies, estimates & errors. Events after the reporting date provisions, contingent liabilities and contingent assets
- Accounting for income taxes
- Depreciation of property, plant and equipment. Revaluation of non-current assets. Impairment of non-current assets
- Accounting for business. Combinations. Consolidated financial statements – wholly owned and controlled entities
- Consolidated financial statements – intragroup transactions
- Equity investments
- Joint arrangements
- Statement of cash flows
- Share issues
Currently over 100 countries have adopted International Financial Reporting Standards (IFRS), or their equivalent, to prepare financial statements by listed companies. A sound knowledge about IFRS is essential for accounting professionals to prepare comparable and understandable financial information to users. This subject focuses on applying IFRS and Australian accounting standards to account for complex practical issues. This includes applying accounting standards involving measurement and professional judgement to recognise common revenue transactions, analyse business acquisition, and preparing consolidated financial statements.
- Tests (equivalent to 1000 words) (20%)
- Group assignment (equivalent to 500 words per student) (30%)
- Final exam (equivalent to 3000 words) (50%)
For textbook details check your university's handbook, website or learning management system (LMS).
The third university established in Victoria, La Trobe University has a diverse community of more than 38,000 students and staff. Its commitment to excellence in teaching and research prepares students to make a bold and positive impact in today's global community. La Trobe provides Open Universities Australia with its core tenets, entrepreneurship and sustainability.
Learn more about La Trobe University.
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- QS Ranking 2024:
- 17
- Times Higher Education Ranking 2024:
- 18
Entry requirements
Prior study
You must either have successfully completed the following subject(s) before starting this subject, or currently be enrolled in the following subject(s) in a prior study period; or enrol in the following subject(s) to study prior to this subject:
Please note that your enrolment in this subject is conditional on successful completion of these prerequisite subject(s). If you study the prerequisite subject(s) in the study period immediately prior to studying this subject, your result for the prerequisite subject(s) will not be finalised prior to the close of enrolment. In this situation, should you not complete your prerequisite subject(s) successfully you should not continue with your enrolment in this subject. If you are currently enrolled in the prerequisite subject(s) and believe you may not complete these all successfully, it is your responsibility to reschedule your study of this subject to give you time to re-attempt the prerequisite subject(s).
Additional requirements
No additional requirements
Study load
- 0.125 EFTSL
- This is in the range of 10 to 12 hours of study each week.
Equivalent full time study load (EFTSL) is one way to calculate your study load. One (1.0) EFTSL is equivalent to a full-time study load for one year.
Find out more information on Commonwealth Loans to understand what this means to your eligibility for financial support.
What to study next?
Once you’ve completed this subject it can be credited towards one of the following courses
UndergraduateLAT-BUS-DEG
UndergraduateLAT-ART-DEG
Bachelor of Information Technology
UndergraduateLAT-TEC-DEG
Bachelor of Psychological Science
UndergraduateLAT-PYS-DEG
UndergraduateLAT-HSC-DEG
UndergraduateLAT-CYS-DEG
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